On Tuesday, the US stock indices renewed their historical highs amid a combination of strong corporate earnings and declining energy prices. By the end of the day, the Dow Jones (US30) rose by 0.73%. The S&P 500 (US500) increased by 0.81%. The Technology Index Nasdaq (US100) closed higher by 1.31%. The decline in oil prices became an important factor – it partially eased inflation concerns. This occurred against the backdrop of geopolitical signals indicating relative stability in the Middle East despite recent attacks.

The macroeconomic picture remains mixed: JOLTS data confirm the resilience of the labor market, while business activity indicators point to persistent price pressure. This supports a more hawkish tone from some Federal Reserve representatives and maintains uncertainty regarding the future trajectory of monetary policy. At the company level, Intel stood out with growth amid news of possible cooperation with Apple. Micron shares also rose significantly thanks to new products, and Amazon received support due to the development of its logistics operations. Meanwhile, Palantir declined due to investor disappointment in its expectations, and AMD came under pressure ahead of its earnings release.

In Europe, by the end of the day, Germany’s DAX (DE40) jumped by 1.31%, France’s CAC 40 (FR40) closed up by 1.08%, Spain’s IBEX 35 (ES35) rose by 1.80% on Friday, while the UK’s FTSE 100 (UK100) ended the trading session down by 1.40%. The improvement in sentiment was largely driven by falling global energy prices amid expectations of progress on reopening the Strait of Hormuz, despite ongoing geopolitical tensions. Additional support came from stronger‑than‑expected quarterly corporate results.

The Swiss franc (CHF) held near 0.78 per US dollar, remaining close to historical highs. The currency is supported both by expectations regarding Swiss National Bank policy and by steady demand for safe‑haven assets amid geopolitical tensions. Recent data showed that inflation in Switzerland accelerated to 0.6% in April – the highest level in 16 months. The main factor was rising energy prices linked to the Middle East conflict. This is the second consecutive acceleration of inflation, and the figure exceeded the regulator’s average estimates of 0.5% for the current and next years. The franc continues to benefit from a combination of its “safe haven” status and the relative stability of the domestic macroeconomic environment.

On Tuesday, WTI oil prices fell by about 4% and dropped below $102 per barrel, losing the gains of the previous session. Pressure on prices came from statements by US Defense Secretary Pete Hegseth that the ceasefire with Iran remains in place despite recent attacks on the UAE. An additional factor was confirmation that the Strait of Hormuz remains open: according to Hegseth, two US commercial vessels successfully passed through it with military support, which repelled attacks using drones, missiles, and armed boats. This reduced market concerns about potential disruptions in oil supplies.
In Asia, Japan’s Nikkei 225 (JP225) was not traded yesterday, China’s FTSE China A50 was also not traded yesterday, Hong Kong’s Hang Seng (HK50) fell by-0.50%, and Australia’s ASX 200 (AU200) declined by 0.19%.

In the first quarter of 2026, Hong Kong’s economy delivered a phenomenal result, recording growth of 5.9% year‑on‑year. This figure not only exceeded conservative analyst expectations of 3.5%, but also became the strongest economic surge for the autonomy since the second quarter of 2021, accelerating from 4.0% at the end of last year. In quarterly terms, seasonally adjusted Hong Kong GDP increased by 2.9%, which is also a five‑year high. Against the backdrop of tight monetary policy tied to Federal Reserve rates due to the Hong Kong dollar’s peg to the US dollar, such resilience looks like a strong signal of a full recovery of the Asian financial hub.

In the May Financial Stability Report, Reserve Bank of New Zealand (RBNZ) Governor Anna Breman stated that the national financial system remains highly resilient amid escalating global threats. According to the regulator, the country’s commercial banks have solid capital and liquidity buffers, confirmed by recent stress tests. This allows the banking sector to continue lending to the economy and helping borrowers cope with pressure in foreign funding markets in case the situation worsens. However, the prolonged armed conflict between the US and Iran has already begun to slow New Zealand’s emerging economic recovery. Rising fuel prices and overall uncertainty are hitting consumer activity, worsening labor‑market projections.